The Abbott government has twice failed to pass legislation abolishing the Clean Energy Finance Corporation (CEFC) and remains focused on scrapping it. The CEFC operates to assist in the financing of renewable energy generation, low emission energy generation and energy efficiency improvements. It operates as a traditional investor, co-financing various projects.
It has invested $900 million in projects valued at over $3 billion and has produced the government a profit.
Unable to get his legislation through parliament to scrap the CEFC, he has instead issued a directive that it not provide any assistance to the wind generation industry or to roof too solar. He wants it to instead invest in new and emerging projects which would not otherwise get finance.
The corporation has a diverse investment portfolio, with 46% in wind and solar. These ‘safe’ investments ensure the ongoing viability of the corporation, with the remainder invested in projects which are risky or have less of a return on investment. Abbott is setting up the corporation to fail.
Abbott is akin to those who believed the earth was flat. He doesn’t believe in science nor of the benefits of a low emission economy. Instead he claims wind farms are ugly while allowing miners to brutalise farmland to mine coal.